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Channelbreak

BCH Key Levels to Watch For a Long Setup - 4HBCH just broke out of an established bearish channel but has reversed at a key resistance level, ~$652, which can be identified matching the tops from the previous bearish channel with a Fib retracement. Note the Stoch crossover and reversal as well. I think we will reverse and break this barrier soon (if the new bullish channel holds, the price shouldn't be able to dip too much below $598). A bullish Kumo twist is developing, which is a good sign for the Long setup. Two key levels to watch: the 652 resistance and then the 730 resistance. If we break 730, we may see bullish action all the way to 861.
Long
by Allen4083
BTCUSD Bull 3000 test - break out of down channelWe've just broken out of the down channel by C, D, that came to be as a result of the coiling by the triangle formation after first pull back from 3000, lines A and B. So, this will be the last leg of the trade from Ichimoku on 1,5,15,30min have crossed over and candles are punching out through the wall of the channel, pointing up and away. There is of course still a risk that we pull back into the down channel, but ... nah. I don't see that happening. Too much FOMO going on for that. We are doing the last crossings of the channel wall now due to the immense volatile nature of BTCUSD and the many swing traders. Its important that we cross through the blue resistance line as that's the past top. We've already established a "higher low" of the bigger picture with our touching of 2200 forming a trend line F, but we must now also establish a higher high at 2770.. set alarms here! If we don't, then this will turn bearish very fast for another test downwards, so this will be critical. I will take profit at 2770 for sure and wait and see until north of there. MACD and RSI on 4hr scale has plenty of gas to give for pedal to the metal type of action full throttle, let's go up. The velocity could either be that of the past 3000 rally or that of the past up trend, line B. The Ichimoku 4hr and 1day will follow soon enough as we pierce upwards. Now its only a question how far and fast which is mostly determined by the momentum available from RSI - i.e.. you guys out there being bullish buyers - but the setup is clear. BTCUSD want's to test 3000. Its like a child and candy - there's just no control ;-) ... it will be driven by FOMO and all the good news lately of various governments establishing blockchain projects, India regulating bitcoin etc. etc. (I'm hoping to go there and check it out - PM me!). I went long shortly after we broke out at 2420 and unless I feel like swing trading on the potential Elliott waves and other ABCDE zig zags MACD type of stuff - maybe 5-15min scalping on EMA just to play with timing skills ... then I will stay long. All other crypto pairs are clearly correlated to BTCUSD so they will follow suit +/- as the BTC is the main wealth creator until ETH takes over. Have a nice ride and as always - the above is contingent on probabilities easiest modelled by Fibonacci Retracements and of course that none of the ICOs currently ending their fundraising period aren't 100% scams or crash and burn type of things. That could shed away a lot of new investors. Hedge Fund: finally - some friends and I are starting a hedge fund with these trade setups as model. PM me, just FYI. BITFINEX:BTCUSD
BITFINEX:BTCUSDLong
by bernino
5
Triangle pattern with target in ResistanceLooking at a pattern that forms in trednphases, Triangle (sometimes in form of channels, wedges or flags) These triangles tend to breakout into the direction of the underlying trend (here long) for more or less the same distance than the initial impulse move. In my understanding the psychology is somewhat like the ABCD pattern. So here we chase the D point. Looking at a 100% projection of A to B we see that this harmonic move ends in a Swing High resistance wich acts like a magnet to price action. Personally, I am not waiting anymore for the price to breakout of such triangle becasue most potential profit will be gone so I postioned now. Once the Target is hit, we will change side and be sellers going for a retracement bounce out of resistance.
Short
by LorbeerInv